BEIJING - When he was China’s top securities regulator, Guo Shuqing won a reputation for being one of the country’s most reform-minded officials for changes he made in stock markets that had long been plagued by Government interference and insider trading. Four years later, the 60-year-old Guo is facing equally formidable challenges as he assumes oversight of China’s RMB232 trillion (US$ 33.6 trillion) banking industry, which is burdened by rising bad loans and off-balance-sheet activities.
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HONG KONG - The economic headwinds facing Hong Kong’s exports have eased in the early part of 2017, reflecting a broad improvement across major industries. The Hong Kong Trade Development Council’s latest Export Index for the first quarter shows the exporter index rose to 47.1, an increase of 13.4 from the fourth quarter of 2016 - the biggest jump in recent years.
KUALA LUMPUR -- The Indonesian Government is continuing to firmly support any investment in the country's mining industry by either foreign or local investors, without exception, Indonesia’s Energy and Mineral Resources Ministry said in a statement.
COLOMBO - The Sri Lankan Government's reform efforts and the IMF lending programme have led to nascent improvements in the country's fiscal profile, says ratings agency Standard and Poor’s, which has affirmed its 'B+/B' sovereign credit ratings on Sri Lanka.
BEIJING – The Chinese smartphone company Xiaomi is in no rush to expand internationally and will expand into the overseas markets gradually, according to its Chairman and CEO, Lei Jun. "It takes time and resources to learn about and enter a new market due to different cultural, legal and business environments, and hasty expansion will cause into many problems," he said.
HONG KONG – Citi Fixed Income Indices is to include Chinese onshore bonds in its emerging markets and regional government bond indices. Citi is also to expand its World Government Bond Index family with two new indices, the World Government Bond Index – Developed Markets (WGBI-DM) and the World Government Bond Index – Extended (WGBI-Extended), to complement the existing World Government Bond Index (WGBI), which will remain unchanged.
HONG KONG - At a time of rising production costs across Asia, Indonesia is increasingly becoming a prime manufacturing destination, according to a new research report from the Hong Kong Trade Development Council.
HONG KONG - Chinese Premier Li Keqiang has for the first time publicly denounced the notion of Hong Kong independence in his annual work report, warning in an addres to the annual National People’s Congress that the movement will “lead nowhere”. While Beijing’s firm rejection of such separatist sentiments is well-known, the mention of Hong Kong independence in the annual Government report was unprecedented.
SEOUL – a key theme for South Korea this year is geopolitical risk, and it is not just coming from North Korea but increasingly through its largest trade partner – China, says global asset manager Natixis.
BOSTON – Global insurer Berkshire Hathaway Specialty Insurance has introduced its Group Personal Accident, Corporate Travel and Expatriate Medical Insurance products to Singapore and Hong Kong, and will extend coverage into Macau in coming weeks.
HONG KONG - South Korea has been listed on the US Treasury Department’s currency watch list, but global asset manager Natixis does not think the US will name South Korea as a currency manipulator at a time when (it) is already tangled in trade conflicts with China and Mexico.
SHANGHAI - South Korea's Lotte Group has suffered from sluggish growth in its retail business in China, with analysts saying revenue of its hypermarkets sector slipped 2% to 2,516 billion South Korean Won (US$2.2 billion) because of its mediocre performance in China.
NEW DELHI - India’s GDP/ Gross Value Added (GVA) report for Q3 of FY16-17(i.e. Q4 2016) and the second advance estimates of real GDP growth for the full financial year of 16-17 pointed to growth moderation, due to the cash crunch amid the unexpected and unprecedented demonetisation scheme in early November, but all came far above market expectations.
HONG KONG – As China-watchers focus on China’s National People Congress (NPC), starting on Sunday, global asset manager Natixis argues that no major change in economic direction is likely – and, thus, no relevant change in economic targets, for at least two reasons.
BEIJING - China is to widen market access to medical care, education, caring for the elderly, culture, sports and other social undertakings for private capital. An array of new policies will be issued shortly to enable a bigger role for private investment in the social sectors, the State newsagency, Xinhua, reproted.
BEIJING – Caixin has reported that Ding Xuedong, Chairman and CEO of China’s sovereign wealth fund, China Investment Corp. (CIC), has stepped down, according to people with knowledge of the matter. It’s still not clear who will take his position at the US$810 billion CIC and what Ding’s future plans are, Caixin said.